The holding of cryptos is gaining ground. This is proof that these assets are useful for many users around the world. But a country like Turkey is particularly illustrated in this area, although the Erdogan administration is notoriously against the emergence of digital assets in the country.
Crypto holdings increased by 27% in one year
If cryptos were at the heart of the recent presidential elections in Turkey, it is no coincidence. A recent surveyconducted by the audience research company GWI Research, somewhat confirms this situation.
It shows a 27% increase in the number of Turks holding cryptos between July 2021 and July 2022. Thus, it would be more than 2.4 million Turks, approximately 2.94% of the population, who would hold cryptos like the bitcoin.
These data come from investigations carried out on individuals of all ages. Their relevance is particularly remarkable when compared to those available for other countries.
Indeed, these figures are significantly higher than those obtained for Argentina and the Philippines, for example. For these two states, there is an increase of 23.5% and 23.4% respectively.
A justified trend?
According to GWI Research, this difference in trend is not trivial. If Turkey is ahead of Argentina and the Philippines, it is because of the specific contingencies it is subject to. These are essentially economic and financial.
The increase in the number of people holding crypto in Turkey is related to the country’s economic circumstances. With galloping inflation and the financial crisis it causes for citizens, cryptos have become an economic alternative.
This explains, according to GWI Research, why it is particularly crypto trading activities that have gained ground. A dynamic that goes with a certain explosion in trading volumes on platforms like BtcTurk and Paribu.
But this upward trend in the number of Turks holding cryptos is also explained by monetary contingencies. The data provider indeed signals the crisis of confidence that the local currency is undergoing.
Due to inflation, the latter lost 72.31% of its value in just one year. At the same time, the daily volume of crypto exchanges in Turkey reached an average of $1.8 billion, over the same period. This is a clear sign that crypto adoption is growing in Turkey, despite the lack of an official regulatory framework.
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